Project Bank Accounts

This article is a guide to enabling and using the Project Bank Accounts workflow in FastDraft.

This guide contains the following:

• Introduction
• How to use Project Bank Accounts Workflow
  • To Remove a User from Project Bank Accounts

Introduction

NEC Project Bank Accounts are financial arrangements established to manage payments within a construction project. Traditionally, construction projects involve multiple stakeholders, including contractors, and suppliers. Payments often pass through various hands, leading to delays, disputes, and sometimes unfair practices.

To address these challenges, NEC introduced Project Bank Accounts (PBAs), which are ring-fenced bank accounts specifically dedicated to a construction project. The key feature of these accounts is that they operate independently of the main contracting parties, providing a secure and transparent mechanism for managing payments.

FastDraft support NEC PBAs, and this article will guide you on the process of adding them to your contract, and using them.

How to use Project Bank Accounts Workflow

Note: The Project Bank Accounts workflow can only be updated by a user who is a Project Manager, with Manager permissions (i.e. Read/Create/Communicate). This is the default setting, although it can be configured. See here to learn more about how to configure workflow templates. 

• In the left-hand navigation panel, under Contract Information, select Project Bank Accounts

• Select Add Supplier

• Enter the name of the Supplier and the date they joined the Project Bank Account

To Remove a User from Project Bank Accounts...

• To remove a user, simply select Remove

• Select Yes